📋 Tender Overview
Project Number
50085
Company Name
LIQUID TELECOM SOUTH AFRICA
Date ESRS Disclosed
Apr 23, 2025
Country
South Africa
Region
Africa
Last Updated Date
Environmental Category
B
Status
Pending Disbursement
Previous Events
Approved : Nov 26, 2024
Signed: Dec 12, 2024
Sector
other
Industry
other
Department
Regional Industry - INF Africa
Project Description
Liquid Intelligent Technologies (LIT or the company ), a subsidiary of Cassava Technologies ( Cassava or the group ), is a pan-African digital infrastructure and fiber broadband network provider with operating companies (OpCos) across 25 countries, primarily in sub-Saharan Africa (https://za.liquid.tech/). Both LIT and Cassava are existing IFC clients since 2020, following a Eurobond issuance and parallel term loan facility (https://disclosures.ifc.org/project-detail/ESRS/44798/liquid-telecom-bond), an equity investment (https://disclosures.ifc.org/project-detail/ESRS/45192/liquid-telecom-equity), and a further term loan to a LIT subsidiary, Liquid ECG Infraco (https://disclosures.ifc.org/project-detail/ESRS/48131/liquid-ecg).
IFC is proposing a further A-loan investment to LIT of up to US$ 40 million ZAR equivalent and a complementary Managed Co-Lending Portfolio Program (MCPP) and other B-lender mobilization of US$ 100 million. The proposed loan will be used to refinance the company’s existing ZAR debt and to repurchase part of its bond and prevailing prices.
Overview of IFC's Scope of Review
Given IFC’s extensive engagement and knowledge of the company, the environmental and social (E&S) review included a desktop assessment of existing documentation, including, but not limited to, the Annual Sustainability Report for 2023/24, policies and procedures applicable at both the group and the company level, existing supplier and third-party service provider contracts, and a sample of Environmental Impact Assessments (EIA) where relevant. Additionally, IFC engaged directly with the group Executive Head of Environment, Social and Governance (ESG) and the LIT Chief Legal and Compliance Officer.
